Line Goes Up – The Problem With NFTs
Why Hacker News recommends it
It is the go-to long-form critique of crypto that HN commenters recommend whenever skeptics ask for a thorough, well-researched takedown.
What it is
Dan Olson's roughly two-hour video essay critiques NFTs, cryptocurrency, and Web3, covering their technical, economic, and ideological flaws. It is heavily sourced and ends with the advice to ask whether a project needs crypto to work.
Recommended by 12 HN commenters across 6 different months, 2022 to 2026.
What Hacker News said
Strong rec code_biologist · 2022-01 · on “Crypto: When Will the Madness Stop?”
Folding Ideas' new (2 hour podcast-ish) video "The Problem With NFTs" is a really good critique of cryptocurrency: [this video] Covers pretty much every thought I've ever had regarding centralization, privacy issues, proof of work and proof of stake both rewarding the rich, economic incentives in speculative markets, NFT hucksterism — but with detailed research and examples of each. Some of the NFT security stuff is jaw-droppingly bad.
Strong rec AlexandrB · 2022-01 · on “Web3 and crypto skepticism is growing and people are finally starting to listen”
On this note. This recent video is probably the most detailed and incisive critique of cryptocurrency and NFTs that I've seen: [this video] It not only covers the technical limitations, but also the ideological flaws.
Strong rec crispyambulance · 2022-02 · on “Cryptocurrencies – An Assessment by Reserve Bank of India”
They pretty much nailed it in the last paragraph... > Writing in the New York Times Adrian Chen noted as far back as 2013 that Bitcoin is built on a weird mix of speculative greed bolstered by a utopian cyberlibertarian ideology and likened it to a digital gold rush. Indeed, hyperbole continues to characterise all aspects of the crypto world. Crypto messaging does not appear to be directed at the rational or sensible. Adrian Chen's article... [LINK] Dan Olson's now epic "Line Goes Up" [this video] ... a masterful takedown of crypotcurrency and NFT's, it also demonstrates what a shit-show this has all become. Much MUCH worse than in Chen's 2013 article.
Strong rec andreyk · 2022-10 · on “Fake Books”
I've watched the video as well and wholeheartedly agree! His 'Line Goes Up' documentary about crypto is also exceptional; very critical but in educated and actually nuanced ways ( [this video] ).
Strong rec mostlysimilar · 2023-03 · on “The Future Is a Dead Mall – Decentraland and the Metaverse”
Not my favorite video from Dan Olson but still enjoyable. I highly recommend his video about NFTs, Line Goes Up: [this video] So much time, energy, and resources wasted on this stuff when we have such bigger issues to solve as a collective.
Recommends rideontime · 2022-01 · on “Web3 and crypto skepticism is growing and people are finally starting to listen”
These critics have been around for a while. Dan Olson started researching this video long before this recent crash. You should watch it. [this video]
Recommends antifoo · 2022-01 · on “NFTs Are, Quite Simply, Bullshit”
I think the technical jargon (a mix of crypto, distributed systems, and finance) leads people to believe that what's going on in crypto is smarter than it is. It's what P.T. Barnum might have called "flim flam"; ~ "if you can't dazzle them with brilliance, baffle them with bullshit." Relevant discussion in the "Line Goes Up" Youtube video that's very good but extremely long (2h!) [this video]
Recommends StringyBob · 2022-01 · on “Did I just lose half a million dollars?”
I’d say ‘recommendation’ not ‘ad’ :) This was the related section [this video] that lead me down the rabbit hole of watching the whole thing I have no connection other than stumbling across it after seeing this story today and thought the critique tied in well.